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Gas Prices Little Changed As Hot Weather Offset By Robust Inventory Levels

LNG

Natural gas prices were little changed on Tuesday. European LNG rose 0.2% to EUR 33.55 after a high of EUR 33.90. Competition with a heatwave-impacted Asia continues to support prices and LNG to northwest Europe has eased but storage levels remain elevated. There is also hot weather in southern Europe.

  • US natural gas prices fell another 1.1% to $2.45 but are off the intraday low of $2.42. Further forecasts of cooler weather continue to weigh. Temperatures are expected to fall in central and eastern US in the second week of July. Excess supply concerns are also driving prices lower with storage levels around 20% above the 5-year average. The EIA releases inventory data later today.
  • Concerns remain over the early start to the hurricane season but the chance of hurricane Beryl impacting the upper Gulf of Mexico is now at 30-40%, according to Bloomberg.
  • North Asian gas fell 0.6% yesterday but demand remains robust given hot weather in the region, which if it continues will push prices up again. Higher-than-normal temperatures in China are forecast for later in the week.
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